DiscoverIE Group plc has announced the acquisition of 2J Antennas Group. The press release states that the acquisition is in line with discoverIE's strategy of expanding its portfolio of high-quality, differentiated products. 2J Antennas Group is a leading provider of antenna solutions for a wide range of applications, including IoT, automotive, and industrial sectors. The acquisition will enable discoverIE to enhance its offering in the wireless connectivity market.
The press release highlights the strategic fit between the two companies, with 2J Antennas Group having a strong track record of innovation and a diverse customer base. The acquisition is expected to provide discoverIE with access to new markets and customers, as well as opportunities for cross-selling and collaboration.
The CEO of discoverIE, Nick Jefferies, commented on the acquisition, stating, "The acquisition of 2J Antennas Group is an exciting development for discoverIE as it significantly enhances our wireless connectivity offering. 2J Antennas Group has a strong reputation for delivering high-quality antenna solutions, and we believe that their expertise will complement our existing capabilities."
The press release also mentions that the acquisition is expected to be immediately earnings enhancing for discoverIE and will be funded from the company's existing cash and debt facilities. The financial details of the acquisition, including the purchase price, are not disclosed in the press release.
Overall, the acquisition of 2J Antennas Group by discoverIE Group plc is seen as a strategic move to strengthen the company's position in the wireless connectivity market and expand its product portfolio.